S.I. No. 336/1940 - Trustee Savings Banks Regulations, 1940.

STATUTORY RULES AND ORDERS. 1940. No. 336.

TRUSTEE SAVINGS BANKS REGULATIONS, 1940.

WHEREAS it is enacted by subsection (3) of section 31 of the Finance Act, 1940 (No. 14 of 1940), that as on and from the appointed day for the purposes of the said section 31 certain provisions shall have effect and, among others, that—

(a) the Minister for Finance may make regulations for the payment in pursuance of the said section 31 of moneys into the special account mentioned in that section and the withdrawal of moneys therefrom and for the investment of moneys to the credit of the said special account and generally for the management of the said special account, and

(b) the said Minister may, by regulations made by him under the said section 31, require such returns and accounts as shall be specified in such regulations to be made in respect of every trustee savings bank to the said Minister at such times as shall be similarly specified :

AND WHEREAS it is enacted by subsection (4) of the said section 31 that regulations made by the said Minister under subsection (3) of the said section 31 in relation to the said special account may provide that investments of moneys to the credit of the said special account may be made by way of deposit in the Post Office Savings Bank and that if such regulations so provide they may further make such provisions as shall be requisite for the payment by the Post Office Savings Bank of interest on moneys so deposited at such rate and over such periods as may, in the opinion of the said Minister, be necessary or expedient for the effective administration of the relevant provisions of the said section 31 and the regulations made thereunder :

AND WHEREAS the 21st day of November, 1940, has been duly appointed to be the appointed day for the purposes of section 31 of the Finance Act, 1940 :

AND WHEREAS the making of the following regulations is expedient to enable the said section 31 to have full force and effect on the said 21st day of November, 1940 :

NOW, the Minister for Finance, in exercise of the powers conferred on him by section 31 of the Finance Act, 1940 (No. 14 of 1940), and of every and any other power him in this behalf enabling, hereby makes the following regulations :—

1. These regulations may be cited as the the Trustee Savings Banks Regulations, 1940.

2. In these regulations, the expression " the Minister " means the Minister for Finance.

3.—(1) On and after the 21st day of November, 1940, all moneys received by the trustees of every trustee savings bank by way of deposit in the bank shall be paid into a special account (in these regulations referred to as the special account) in the Bank of Ireland in the name of the Minister, save and except—

(a) such moneys as from time to time it may be necessary to retain in the hands of the trustees or the treasurer of the trustees to meet the current requirements of the bank for withdrawals from accounts opened by depositors on or after the 21st day of November, 1940, and for administration expenses not otherwise defrayable, and

(b) such moneys as the Minister, in his absolute discretion, may from time to time permit to be retained in the hands of the trustees or the treasurer of the trustees to meet any other requirements of the bank.

(2) The special account shall be opened in the books of the Bank of Ireland under the title " The Minister for Finance (Trustee Savings Banks Account)."

(3) Where any payment is made into the special account, a receipt indicating that the amount of such payment has been placed to the credit of the special account shall be issued by the Bank of Ireland to the trustees of the trustee savings bank making such payment.

4. All moneys paid into the special account shall, as on and from the day of payment, be deemed to be deposited in the Post Office Savings Bank and shall accordingly be credited therein in the name of the Minister and to the separate credit of the trustee savings bank concerned in an account under the title " The Minister for Finance (............Trustee Savings Bank)," and any moneys standing to the credit of the special account shall be deemed to be part of the assets of the Post Office Savings Bank Fund.

5.—(1) Withdrawals by the trustees of a trustee savings bank from the special account shall be limited to—

(a) such amounts as may from time to time be sufficient, together with current moneys in hand received by way of deposit on or after the 21st day of November, 1940, to meet payments to depositors from accounts opened in the bank on or after the 21st day of November, 1940, and administration expenses not otherwise defrayable, and

(b) such amounts as the Minister, in his absolute discretion, may from time to time allow to be withdrawn for other purposes.

(2) Every application for a withdrawal from the special account shall—

(a) be made to the Bank of Ireland in such form as the Minister directs,

(b) shall be signed by two trustees of the trustee savings bank concerned and countersigned by the secretary or other principal officer of such bank or, in his absence, by a manager thereof, and

(c) shall be forwarded so as to reach the Bank of Ireland at their head office in Dublin at least three clear days before the day on which the amount applied for is required.

(3) Where a withdrawal from the special account is duly applied for and the amount applied for is within the credit of the trustee savings bank concerned, such amount shall be issued from the special account to the current banking account of such trustee savings bank and such amount shall be deemed to have been withdrawn on the date of issue from the appropriate separate account of the Minister in the Post Office Savings Bank and shall be debited accordingly.

6. For the purposes of paragraph (1) of regulation 3 and paragraph (1) of regulation 5, an account opened on or after the 21st day of November, 1940, by transfer of a deposit with a trustee savings bank within the State the whole or part of which stood to credit before the 21st day of November, 1940, or by transfer of a deposit with a trustee or other savings bank outside the State shall be deemed to have been opened before the 21st day of November, 1940.

7. Interest at the rate of two and seven-eighths per cent. per annum shall be allowed on the moneys standing to credit of every separate account of a trustee savings bank in the name of the Minister in the Post Office Savings Bank as on and from the day on which such moneys are credited and such interest shall, in the case of any amount withdrawn from the special account, be calculated up to and including the day prior to the day of withdrawal and, in every other case, half yearly up to and including the 20th day of May and the 20th day of November and shall be credited to the appropriate separate account as on (as the case may be) the day of withdrawal, the 21st day of May, or the 21st day of November.

8.—(1) An amount to the credit of a depositor in an account in a trustee savings bank opened on or after the 21st day of November, 1940, may be transferred to another trustee savings bank within the State or to the Post Office Savings Bank, and where any such transfer is to be made, the requisite transfer certificate shall be transmitted to the secretary of the Department of Posts and Telegraphs and the necessary entries shall be made in the appropriate separate account or accounts of the Minister in the Post Office Savings Bank.

(2) No transfer, other than a transfer under and in accordance with this regulation, shall be made of any amount to the credit of a depositor in an account in a trustee savings bank opened on or after the 21st day of November, 1940.

9. The trustees of every trustee savings bank shall from time to time send to the secretary of the Department of Posts and Telegraphs specimens of the signatures of every trustee and every manager and officer of the bank authorised to sign applications for withdrawals from the special account and shall notify the said secretary of all changes in such trustees, managers and officers.

10.—(1) The trustees of every trustee savings bank shall send to the secretary of the Department of Posts and Telegraphs within four days of the close of every week (ending on such day as the Minister directs) a return in such form as the Minister directs showing the receipts and payments of the bank during that week and the cash balances in the hands of the treasurer of the trustees or other person on account of the bank at the beginning and end of that week.

(2) Every return under this regulation shall be certified by a trustee or manager and, unless the Minister directs to the contrary, by the auditor of the trustee savings bank concerned and shall be countersigned by the secretary or other principal officer thereof or, in his absence, by his deputy and such return shall be accompanied by a certificate or certificates of the treasurer of the trustees vouching for the cash balance remaining in his hands at the close of the week to which such return relates.

11. As soon as may be after the 20th day of May and the 20th day of November in each year the trustees of every trustee savings bank shall send to the secretary of the Department of Posts and Telegraphs a statement in such form as the Minister directs specifying the interest claimed to be due to them by the Minister on moneys of the bank in respect of the preceding half year.

12.—(1) The trustees of every trustee savings bank shall as soon as may be after the 20th day of November in every year prepare a statement in such form as the Minister directs giving an abstract of the transactions of the bank during the year ended on such 20th day of November and showing the balances at the beginning and end of such year.

(2) Every statement under this regulation shall be signed by two trustees, or two managers, or one trustee and one manager of the trustee savings bank concerned and shall be countersigned by the secretary or other principal officer and by the auditor thereof.

(3) Every statement prepared under this regulation by the trustees of a trustee savings bank shall be sent to the secretary of the Department of Posts and Telegraphs within nine weeks after the 20th day of November up to which it is prepared and shall be accompanied by a certificate of the treasurer of the trustees or other person in whose hands are, on the said day, any moneys belonging to the bank certifying that he was in possession on the said day of the sums mentioned in the statement.

(4) The trustees of every trustee savings bank shall keep a copy of the latest statement prepared by them under this regulation exhibited in a prominent position in such bank.

GIVEN under the Official Seal of the Minister for Finance, this 19th day of November, 1940.

(Signed) J. J. McELLIGOTT.